The FMA has received several reports regarding fake celebrity endorsement advertisements on social media, promoting online investment schemes. We have identified multiple websites that are part of this scam but believe there may be more connected as they frequently change. We are aware of several New Zealanders who have invested through these websites and are now unable to withdraw funds, with additional fees requested before allowing withdrawals. The scammer creates an advertisement on a social media platform featuring a fake news article, appearing to be from a reputable New Zealand media platform. The ad includes ... (full story)